Tether, the issuer of the roughly $84 billion valued USDT stablecoin, launched its audited third quarter attestation file on Tuesday, which showed $3.2 billion in excess reserves, down a minute bit of from $3.3 billion in the 2d quarter.

The corporate observed its very top-ever percentage of cash and money equivalents, the majority from U.S. Treasury bills or T-bills.

Reserves are considered as a security against a stablecoin shedding its one-to-one relationship or peg to the U.S. dollar.

Tether started changing about a of its reserves to t-bills a one year previously, and these increasing efforts helped the corporate withstand the collapses of three crypto-pleasant banks earlier this one year.

In the duration ending on Sept. 30, money and equivalents represented 85.7% of its complete reserves, up from 85% final quarter, with T-bills accounting for $72.6 billion, up from $72.5 billion.

Tether had $2 billion in secured loans in its reserves. In December 2022, Tether equipped plans to step by step win rid of lending throughout 2023. Nonetheless, Tether had $5.5 billion in loans in the 2d quarter, up from $5.3 billion in the major quarter.

The corporate told The Wall Avenue Journal that the corporate had honored loan requests from lengthy-duration of time clients and the loans will doubtless be eradicated by 2024.